BankChoice Monitor (BCM) is series of quarterly reports customized for you based on the geographic regions and markets where you have branches. BCM captures insights from thousands of bank shoppers EVERY DAY, while they are actively thinking about, and shopping for a new bank or checking account. It is the only resource that continuously monitors what bank shoppers want, who they choose and why. For our typical mid-size client, we’re capturing data from over 40,000 bank shoppers per year within their branch footprint – an enormous sample compared to traditional market research.
Core Benefits
Detailed Competitive Intelligence
Detailed analysis of competitors’ performance across your footprint at a product-level.
Continuous, honest shopper insights
Understand how frequently your checking products are selected as consumers’ “top choice” and why.
More frequent, shared data
Quarterly reports are sent directly to your email, saving time on data collection and analysis, and making it easy to share information across product, marketing and sales teams.
Key Reports
Competitive Performance
This report lets you monitor how you perform against your competition across regions each quarter. Available: 4x a year
Functional Gap Analysis
Includes a Market Overview along with market-level analysis of customer demographics and product ‘must-haves’. Available: 1x a year
Fee Pricing
This report will tell you how competitive your fees are and how customers consider your fees against your competition. Available: 1x a year
End-of-Year Wrap Up
This report comes out at the beginning of the year providing data on how you compare to your competition, just in time to make critical changes. Available: 1x a year
Our research shows that 60% to 65% of households opening new checking accounts don’t shop around and only consider one or two options. Most of those who investigate their options will shop online. How well do you perform with this segment of customers? We can tell you — Novantas’ BankChoice Monitor captures real time data from about 20% of online checking shoppers on an on-going basis.
The percentage of shoppers using FindABetterBank.com who indicated that they “must have” mobile banking services grew at 6.3% during 2016, slightly higher than the growth rate in 2015, but significantly less than the increased demand from 2012 – 2014. Is there a top-end limit to the number of consumers that will insist on using mobile banking with their checking accounts? As a harbinger of future demand, consider demand by consumers aged 18-34: in Q4 2016, 49% of these shoppers indicated that mobile banking was a “must have” feature. So while demand will never reach 100%, we expect demand to exceed 50% over the next 5 years.
Consumers are becoming less attached to branches, both behaviorally and attitudinally. Within this segment, many younger consumers are adopting a digital-first orientation to banking. In fact, our analysis shows that in Q1 2017, younger consumers shopping online for new checking accounts were more interested in mobile check deposit compared to their older counterparts. While most banks provide mobile check deposit, successful banks will present differentiated value propositions to younger consumers who are digital-first, versus older consumer segments who care less about features like mobile check deposit.
What’s the best strategy to win checking account shoppers? According to our research, most consumers opening checking accounts don’t shop around. In fact, 60% to 65% of checking account buyers will only consider 1 or 2 institutions – the larger banks win most of these consumers. As for the rest of the market, most will shop online. Given that the larger banks win consumers that aren’t interested in shopping around, it’s critically important for smaller institutions to win their fair share of people who will do some research. This requires digital experiences that answer shoppers’ most pressing questions and products that are competitive.
Snapshot of BankChoice Monitor’s granular data insights
Consumers Who Shopped for New Checking Accounts in 2016
Has demand for mobile banking services topped out?
Importance of Mobile Checking Deposits with Online Shoppers
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